LIC Dhan Varsha (Plan No. 866) Scheme Features, Benefits: The Life Insurance Corporation (LIC) of India recently launched Dhan Varsha scheme. It is a non-linked, non-participating, individual, savings, single premium life insurance plan that offers a combination of protection and savings.
LIC Dhan Varsha plan provides financial support for the family in case of unfortunate death of the life assured during the policy term. The scheme also provides a guaranteed lumpsum amount on the date of maturity for the surviving life assured. Here are some important details about the LIC Dhan Varsha plan:
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LIC Dhan Varsha Plan: Last Date
LIC Dhan Varsha is a close-ended plan which will be open for subscription for a limited period. The scheme is available for sale up to 31st March 2023.
How to purchase LIC Dhan Varsha Plan
You can purchase the LIC Dhan Varsha plan offline through LIC agents/other intermediaries as well as through online channel directly through the LIC website.
LIC Dhan Varsha Plan Options
Under this plan, the proposer will have the following two options to choose Sum Assured on Death:
- Option 1: 1.25 times of Tabular Premium for the chosen Basic Sum Assured
- Option 2: 10 times of Tabular Premium for the chosen Basic Sum Assured
LIC Dhan Varsha Plan Benefits
Maturity Benefit: If the subscriber survives till the stipulated date of maturity, “Basic Sum Assured” along with accrued Guaranteed Additions will be payable.
Guaranteed Additions: These will accrue at the end of each policy year, throughout the policy term. However, Guaranteed Additions will depend on the Option Chosen, Basic Sum Assured and the Policy Term. In case of death, the Guaranteed Additions corresponding to the year of death shall be payable for full policy year, acording to LIC website.
Death Benefit: It will be payable on death of the Life Assured during the policy term after the date of commencement of risk but before the stipulated date of maturity. The Death Benefit includes “Sum Assured on Death” along with Accrued Guaranteed Additions.
Loan Facility: A loan facility will also be available under the plan at any time during the policy term after three months from completion of the policy (i.e. 3 months from the Date of issuance of policy) or after expiry of the free-look period, whichever is later.
LIC Dhan Varsha Plan: Eligibility Minimum BSA
The minimum Basic Sum Assured under this plan is Rs 1.25 lakh. There is no upper limit. The age limit for subscription is 3 years to 60 years. The minimum maturity age is 18 years and the maximum is 75 years.
LIC Dhan Varsha Plan: Option Riders
Two optional riders are available under this plan: (a) LIC’s Accidental Death and Disability Benefit Rider, and (b) LIC’s New Term Assurance Rider.
Free Look Cancellation
In case the policyholder is not satisfied with the “Terms and Conditions” of the policy, then he/she can return the plan to LIC within 30 days from the date of receipt of the Policy Document.
Tax benefits and plan for family members
You can buy this plan for your spouse and children subject to overall financial limit, according to policy document. The subscriber will also be eligible for tax benefits under Section 80C of the Income Tax Act, 1961 on buying a policy for self and spouse.
